Spot gold opens down as futures ease on firm dlr; haven demand to limit fall
This story was originally published at 14:23 IST on 5 March 2026
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By Reshma Ravi
MUMBAI – Prices of gold in the spot market opened lower Thursday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX due to a strong dollar, analysts said. However, the fall in prices could be limited due to safe-haven demand as the military conflict in West Asia persisted.
"Dollar index uptrend is causing dent to international gold prices which in turn is putting pressure on spot prices," Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said.
In Mumbai, the spot price of gold of 99.9% purity opened at INR 159,850 per 10 grams, down from Wednesday's closing price of INR 162,548 per 10 grams. Dealers are offering a discount of INR 1,600 per 10 grams, Kedia said.
However, gold prices are unlikely to decline further due to escalating geopolitical tensions, which are keeping markets on edge. A proposed bill sought to curtail US President Donald Trump's war powers with respect to US strikes on Iran failed in the Senate, allowing for continued aggression in West Asia.
The armed hostilities continued Wednesday with no signs of abating, with constant strikes by the US and Israel on Tehran and other cities in Iran, including on civilian infrastructure and hospitals. The US also sank an Iranian warship in international waters as it was returning from a naval exercise in India. Meanwhile, airspace in several countries in the region remained closed amid Iran's retaliatory attacks on US military and diplomatic installations, airports, hotels, as well as energy facilities.
On Wednesday, the North Atlantic Treaty Organization air defences destroyed an Iranian ballistic missile as it approached Turkey. "The escalation came as the powerful son of Iran's slain supreme leader emerged as a frontrunner to succeed him, suggesting Tehran was not about to buckle to pressure, five days after the U.S. and Israel launched a military campaign that has killed hundreds and convulsed global markets," SMC Global Securities said in a report. End
Edited by Tanima Banerjee
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